Current Basic Interest Rate

The Society’s Standard Variable Rate – effective from 23rd April 2008 - 7.19%

The overall cost for comparison is 7.7% APR

The Standard Variable Rate is the base rate the Society sets itself as the standard from which mortgage schemes, particularly discounted rates are derived. In the large majority of cases, you will only be charged this rate when the introductory period of the mortgage chosen (no matter what type), comes to an end. The term ‘variable’ simply means that this rate is not fixed and can fluctuate up and down depending on the economy. The Board of Directors review and set the rate throughout the Society’s business year.

Valuation and Administration Fee

The Society is required by law to have a valuation of the subject property carried out by a suitably qualified professional valuer. The valuation report is for the use of the Society to assess the adequacy of the security for mortgage purposes and is not a full structural survey. A copy of this report will be included with the offer of mortgage. Basic valuation fee charges are as indicated below, or if you wish, the Society can arrange a Home Buyers Report or a Structural Survey. Included within the overall fee payable is an administration fee which goes towards the Society's administration costs when processing a mortgage application.

Mortgage schemes may offer a free of charge basic valuation or no administration fee and this will be made clear during the interview process.

Solicitors Fees

Whether you are purchasing a new property or remortgaging your existing home, you will require the services of a solicitor. Please speak with your chosen solicitor regarding their charges.

Initial Interest

The charge for initial interest covers the interest due on the loan in the month it commences. A separate payment is required to cover this as it is not included within the regular monthly payment that starts the month after commencement of the mortgage.

Mortgage Redemption

When you redeem a mortgage there are certain charges which may become applicable. There are:

All the above fees will be itemised in the KFI given when you enquire about a mortgage.

Status

Barnsley Building Society is authorised and regulated by the Financial Services Authority.

Your home may be repossessed if you do not keep up repayments on your mortgage.